Selecting a Refinancing Loan

There are a huge number of refinancing options available to borrowers. We can guide you to find the refinance loan program that can fit your situation the best. Call us at 754-202-4376 to get things started. What are your goals for your refinance loan? Keeping in mind the information below will help you narrow your choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. Maybe you now hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even if rates come up later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in that low rate for the life of your mortgage. If you are expecting to stay in your home for about five more years, a fixed rate loan may be an especially good fit for you. On the other hand, if you do see yourself selling your home in the near future, an ARM with a low initial rate might be the best way to reduce your monthly payments.

Getting Out some Cash

Are you refinancing primarily to "cash out" some home equity? Your home needs updating; your daughter has gone to college and needs tuition; or you are planning a special vacation. Then you will want to find a loan above the remaining balance on your present mortgage loan.In this case, you'll want If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.

Debt Consolidation

Do you want to cash out some of your equity to consolidate other debt? Great plan! If you have the equity in your home for it, taking care of other high interest debt (for example: credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars in your budget each month.

Building up Equity Faster

Are you dreaming of paying off your loan more quickly, while beefing up your home equity faster? If this is your wish, the refinance mortgage can move you to a mortgage loan program with a shorter term, for example: a 15 year loan. Even though your monthly payments will usually be increased, you will save on interest; so your home equity will rise up faster. However, if you've held your existing thirty-year mortgage loan for a number of years and the remaining balance is relatively low, you could be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits of refinancing, please contact us at 754-202-4376. We are here for you.

Want to know more about refinancing? Call us: 754-202-4376.

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